The second calendar quarter ends Wednesday, which means Wall Street's attention will soon turn to companies financial results. Weighted by stock market value, profits for S&P 500 members are expected to have increased a mere 1% from the first quarter, but 42% from depressed levels a year earlier.

There are promising signs for the three companies below. Earnings estimates for each, for the current quarter and current fiscal year, have recently increased. In studies, upward estimate revisions tend to precede better-than-average stock performance. So do positive revisions in analyst recommendations -- to "buy" from "hold," for example. Netting upgrades against downgrades, opinions on these companies have changed for the better over the past month.

Illinois Tool Works

Forward P/E: 14

Illinois Tool Works sells power tools, packaging materials, commercial refrigerators and much more. Whereas many diversified manufacturers organize themselves into a half-dozen or so business units, Illinois has more than 800. That's related to the company's "80/20" business strategy; according to management, 80% of a typical company's profits come from 20% of the customers. By keeping departments small and relatively autonomous, the company seeks to gain more from personalized care than it sacrifices from economies of scale. Margins don't seem to be suffering. The company turns more than 12 cents of each sales dollar into operating profit, about three cents more than its average peer. Earnings per share are expected to jump more than two-thirds this year, as sales recover from a slump and efficiency efforts made last year pay off.

Ross Stores

Forward P/E: 13

Ross Stores sells discounted department-store clothes and home amenities through more than 900 no-frills stores, mostly in the south and west of the U.S. Its recent financial results have been among the best in retail, a testament to increased shopper frugality. During the company's fiscal first quarter ended May 1, sales at longstanding stores increased 10% while operating margins expanded by more than three percentage points. Earnings per share rose 61% to a record level. In May, U.S. retail sales dipped 1.2%, according to the Census Bureau, but those at longstanding Ross stores improved by 5%. The company seems to be benefitting doubly from increased price sensitivity among shoppers. It's gaining traffic as customers forsake department stores and it's finding an abundance of overstocked merchandise to snap up on the cheap.

Boeing

Forward P/E: 17

At $67 and change, Boeing shares are still about one-third below their September 2007 peak, but they're twice the price they fetched in March 2009, the recent trough for the market. Boeing, the world's largest aerospace company based on total sales, faces several challenges. Its defense business is likely to shrink in coming years amid increased federal budget scrutiny. The global economy has yet to rebound convincingly and return air travel to former levels. Also, weakness in the euro makes commercial jets made by rival Airbus comparatively cheaper. Despite these pressures, earnings per share this year are forecast to more than double to $3.87 a share, and investment bank Jefferies & Company estimates they could hit $6 a share by 2012, as airlines upgrade their aging fleets to Boeing's new cost-effective models.